Tax Law

You may remember the first time you filed your own tax return. Was it in high school when you got your first summer job? Maybe you did not make enough money to file a tax return until you finished college. No matter when it was, chances are that it was straightforward...

Now that many parents have helped their children with settling into the college or university, parents need to be reminded that our current tax law provides tax credits for certain qualified education expenses. Here is a short summary of some of the benefits available...

If you are getting divorced, be proactive and ask about how this life changing event can affect your income tax filing and taxes. It is never a good thing to be surprised with a large balance due on April 15. Divorce or Separation May Affect TaxesTaxpayers who are...

There are many reasons to amend a tax return. Before you begin the process, speak to a professional about making changes to your prior filing. With complexities such as statutes of limitation, tax benefit rules and others, changing a return is not a simple...

Being able to deduct moving expenses can ease some of the burden of the cost associated with the move. The rules are very specific and somewhat mechanical. Review these rules with your tax person before make the move. Also check with your employer to see if they offer...

Just because you call it a business does not mean that the IRS is required to agree with you. The IRS has authority to presume that an activity can be charecterized as a hobby. As a result, any losses associated with the activity could be disallowed.Below are some...

Many employers simply do not want employees. There are numerous reasons or justifications for the classification but the question is whether it is correct or justified. There are legal consequences either way.Below is guidance on the appropriate classification....

An offer in compromise is a great way to get a fresh start and out from under a large tax liability. The IRS does look at assets available and ability to pay in order to come to a reasonable offer amount to settle past liabilities. While this seems simple, there...

Being self employed has many advantages. Freedom, income potential, controlling one's destiny are a few. Remember that while some of those advantages also come with additional responsibility.To keep you on the right track, the following are some reminders for any self...

Your children are worth an enormous amount to you. They are also worth money on your tax return in the form of a Child Tax Credit. Here is some guidance about the credit. Five Things to Know About the Child Tax CreditThe Child Tax Credit is a tax credit that may save...